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MIRA INFORM REPORT
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Report No. : |
489416 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DIASQUA INTERNATIONAL LIMITED |
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Registered Office : |
Room 401-402, 4/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.03.2000 |
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Com. Reg. No.: |
30791742-000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of diamonds and jewellery products,
gold and silver products, precious stones |
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No. of Employees : |
16. (Including subsidiaries and
associates) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China through trade, tourism, and financial links aided a more rapid initial recovery than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 9.4% of total system deposits in Hong Kong by the end of 2015. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota.
The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% of the exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
Credit expansion and a tight housing supply have caused Hong
Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016,
but slowed to 2.0% in 2017. Lower- and middle-income segments of the population
are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source : CIA |
Company
name and address
DIASQUA INTERNATIONAL
LIMITED
ADDRESS: Room 401-402, 4/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2209 6600, 2723 0237,
2209 6633, 2209 6690
FAX: 852-2209 6620, 2739 3132
E-MAIL: facets@diasqua.com
ashit@diasqua.net
MANAGEMENT
Managing
Director: Mr. Nimesh Piyush Mehta, Tony
SUMMARY
Incorporated on: 20th
March, 2000.
Organization: Private
Limited Company.
Issued Share Capital: HK$90,000,000.00
Business Category: Diamond Trader.
Employees: 16. (Including subsidiaries and associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 401-402, 4/F., Guardforce
Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Business Names:- (Same address)
Diasqua (HK), Hong
Kong. [BR No. 30791742-001]
Diaglobe (HK), Hong
Kong. [BR No. 30791742-002]
Diajewel (HK), Hong
Kong. [BR No. 30791742-003]
Diasqua Solitaire,
Hong Kong. [BR No. 30791742-004]
Associated
Companies:-
Diasqua Group of
Companies
Billion City (H.K.)
Ltd., Hong Kong. [Trading as “Diafuego”]
Diafuego, Belgium.
Diaglobe BVBA,
Belgium.
Diaglobe Inc., USA.
Diamond Dealers HK
Ltd., Hong Kong.
Diasqua (Pacific)
Pty. Ltd., Australia.
Diasqua (Thailand)
Co. Ltd., Thailand.
Diasqua Impex Pte.
Ltd., Singapore.
Diasqua Inc., USA.
Diasqua India Pvt.
Ltd., India.
Diasqua International
Ltd., Taiwan Branch.
Diasqua Middle East
LLC, UAE.
Diasqua Nippon Co.
Ltd., Japan.
Diasqua Singapore
Pte. Ltd., Singapore.
Pretty Jewellery
International Ltd., Hong Kong.
Related Companies:-
Prism Group of
Companies
Anand Enternational,
India.
Colo Jewellery
Company, Hong Kong.
Prism (USA) Inc, USA.
Prism Diamond Co. Ltd.,
Thailand.
Prism International,
India.
Prism Jewellery
Company, Hong Kong.
Prismdia Ltd., Hong
Kong.
BUSINESS
REGISTRATION NUMBER
30791742-000
COMPANY
FILE NUMBER
0709126
MANAGEMENT
Managing
Director: Mr. Nimesh Piyush Mehta, Tony
Contact Persons: Mr. Ashit Shah
Mr.
Lensy Leung
ISSUED
SHARE CAPITAL
HK$90,000,000.00
SHAREHOLDERS
(As per registry
dated 20-03-2017)
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Name |
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No. of shares |
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Nimesh Piyush MEHTA |
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70,000,000 |
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Romy Piyush MEHTA |
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20,000,000 |
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––––––––– |
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Total: |
90,000,000 ======== |
DIRECTORS
(As per registry
dated 20-03-2017)
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Name (Nationality) |
Address |
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Nimesh Piyush MEHTA |
Flat B & C,
16/F., Block 3, Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong Kong. |
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Romy Piyush MEHTA |
Flat B & C,
16/F., Block 3, Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 20-03-2017)
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Name |
Address |
Co. No. |
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Elegant Secretaries
Ltd. |
Room 804, 8/F., Lap
Fai Building, |
0418716 |
HISTORY
The subject was
incorporated on 20th March, 2000 as a private limited liability company under
the Hong Kong Companies Ordinance.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of diamonds
and jewellery products, gold and silver products, precious stones.
Employees: 16. (Including subsidiaries and associates)
Materials/Commodities: Imported from India, Belgium, Israel, other
European countries, etc.
Markets: Hong Kong, China, Japan,
India, other Asian countries, Middle East, etc.
Terms/Sales: COD,
CAD, L/C, T/T, D/P, etc.
Terms/Buying: L/C,
T/T, D/P, O/A, etc.
MEMBERSHIP: Hong
Kong Jewelry Manufacturers’ Association, Hong Kong.
The
Indian Chamber of Commerce Hong Kong, Hong Kong.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$90,000,000.00
Mortgage or Charge
(since October
2011): (See
attachment)
Profit or Loss: Business
is profitable.
Condition: Maintaining
in an active condition.
Facilities: Making
active use of general banking facilities.
Payment: Regular.
Commercial
Morality: Very Good.
Bankers:-
Bank of
India, Hong Kong Branch.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Very
Good.
GENERAL
Having issued 90
million ordinary shares of HK$1.00 each, Diasqua International Limited is
jointly owned by Mr. Nimesh Piyush Mehta, holding 77.8% interests; and Mr. Romy
Piyush Mehta, holding 22.2%. Being
Hong Kong ID holders, both are also directors of the subject.
The subject in fact
is wholly-owned by the Mehta family who have been in Hong Kong for a very long
time.
The subject is a
member of the Diasqua Group. Its
business names Diasqua (HK), Diaglobe (HK), Diasqua Solitaire and Diajewel (HK)
are also located at the same operating address.
Established in March
2000, the subject is trading in loose diamonds, carat‑size diamonds,
fancy diamonds, certificated (GIA & HRD) diamonds, treated colour diamond,
diamond studded gold jewellery, etc. It
is a wholesaler of diamonds ranging from 0.30 to 10 carats certified by GIA and
HRD, collection. It also sells polished
diamonds of all sizes, shapes, colours and clarities.
In order to penetrate
the international market further, the subject has taken part in fairs and
exhibitions held in Hong Kong and other foreign large cities. Over the past years, the subject has taken
part in the following Shows, Exhibitions and Fairs:-
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JCK Las Vegas Show, the United States.
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Basel, Switzerland.
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HK Int’l Jewellery Show, Hong Kong.
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Hong Kong Jewellery & Watch Fair, Hong
Kong.
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Hong Kong Jewellery & Watch Fair, Hong
Kong.
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January Macau Jewellery & Watch Fair,
Macau.
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Macau Jewellery & Watch Fair, Macau.
For instance, it took
part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2017”
which had been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 28th February to 4th March, 2017.
Its booth No. was AWE 2-K40.
Currently, the
subject has a wide network of international offices situated in India, Singapore,
Thailand, Taiwan, Japan, Australia, Belgium, the United States, Israel, the
United Arab Emirates and China. The
business of China keeps on expanding.
Diasqua group is one
of the largest and reputable suppliers of diamonds in the global diamond industry. It began its business in Madras (now Chennai)
dating back to the year 1933. Now,
Diasqua Group is a dedicated member of the diamond, gems and jewellery industry
with strong roots in India. Today its
core business involves in sourcing, distributing and marketing of an extensive
range of polished diamonds.
For more than seventy
years, the Group’s skills and reputation have passed from generation to
generation each driven by a passion for diamonds and zeal for enterprise. Over the years, the Group has developed a
strong liaison with its customers, suppliers and business associates. It offers customers with the following
products and services:
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Polished diamonds
·
Diamond Polishing Services
·
Rough Diamonds, etc.
Now, the global
networks of the Diasqua Group are set up in New York, London, Antwerp, Dubai,
Mumbai, Hong Kong, Bangkok, Taipei, Tokyo, Singapore, Sydney, etc.
The business of the
Group keeps on improving as it has had customers coming from more than fifty
countries of the world.
Now, the Group also
sells its products online. Its revenues
come from e-commerce has been increasing.
The contact person of
the subject is Mr. Lensy Leung who is a Hong Kong employee.
The subject is fully
supported by the Diasqua Group which has a very significant annual sales
turnover.
As the history of the
subject in Hong Kong is about eighteen years, on the whole, consider it good
for normal business engagements.
MORTGAGE
OR CHARGE
(Since October 2011)
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Date |
Description of
Instrument |
Mortgagee |
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28-11-2011 |
Charge and
Hypothecation of Book Debts |
Bank of India,
Hong Kong Branch. |
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28-11-2011 |
Hypothecation of
Tangible Moveable Property |
Bank of India,
Hong Kong Branch. |
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28-11-2011 |
General Letter of
Hypothecation |
Bank of India,
Hong Kong Branch. |
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01-12-2011 |
Letter of Lien |
Bank of India,
Hong Kong Branch. |
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26-11-2015 |
Charge Over Deposit |
Commonwealth
Finance Corporation Ltd., Hong Kong. |
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26-11-2015 |
Letter of
Hypothecation for Trade Finance |
Commonwealth
Finance Corporation Ltd., Hong Kong. |
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12-01-2016 |
Mortgage |
Dah Sing Bank Ltd.,
Hong Kong. |
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12-01-2016 |
Rental Assignment |
Dah Sing Bank Ltd.,
Hong Kong. |
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18-05-2016 |
Mortgage |
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.03 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.73 |
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HKD |
1 |
INR 8.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.